Question 1
Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Calculate the adjusted cash balance per books on May 31.
|
Cash balance per books, 5/31
|
$5,400
|
|
Deposits in transit
|
375
|
|
Notes receivable and interest collected by bank
|
650
|
|
Bank charge for check printing
|
40
|
|
Outstanding checks
|
2,400
|
|
NSF check
|
140
|
Question 2
The objectives of internal control are to
| a. |
control the internal organization of the accounting department personnel and equipment |
| b. |
provide control over "internal-use only" reports and employee internal conduct |
| c. |
prevent fraud, and promote the social interest of the company |
| d. |
provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports are accurate, and laws and regulations are complied with |
Question 3
Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation. Calculate the adjusted cash balance per books on September 30.
|
Cash balance per books, 9/30
|
$2,750
|
|
Deposits in transit
|
200
|
|
Notes receivable and interest collected by bank
|
630
|
|
Bank charge for check printing
|
50
|
|
Outstanding checks
|
1,250
|
|
NSF check
|
290
|